Core Viewpoint - The company, Shanghai Conglin Environmental Technology Co., Ltd., plans to use part of its temporarily idle raised funds for cash management to improve fund utilization efficiency and increase company revenue while ensuring that it does not affect the progress of investment projects [1][6]. Fundraising Basic Situation - The company raised a total of RMB 158,998.56 million from the public offering of 26,606,185 shares at a price of RMB 59.76 per share, with a net amount of RMB 143,688.96 million after deducting issuance costs of RMB 15,309.60 million [1][2]. Fund Investment Project Basic Situation - The raised funds are planned to be allocated to several projects, with a total investment amount of RMB 236,786.27 million, adjusted to RMB 203,000.00 million for the projects listed [2]. Cash Management Basic Situation - The company intends to use up to RMB 600 million of idle raised funds for cash management, with a decision validity period of 12 months from the board's approval date [4][6]. Cash Management Products - The company will invest in low-risk, highly liquid principal-protected financial products or deposit products, with investment periods not exceeding 12 months [4][5]. Implementation and Disclosure - The board has authorized the chairman to make investment decisions and sign relevant contracts, with the finance department responsible for implementation. The company will disclose cash management details in accordance with regulatory requirements [4][5]. Impact on the Company - The cash management of idle funds will not change the intended use of the raised funds or affect the progress of investment projects, thereby improving fund utilization efficiency and increasing company revenue [6][7]. Review and Decision Procedures - The board and supervisory board approved the cash management proposal on August 15, 2025, allowing the use of up to RMB 600 million of idle funds without requiring shareholder meeting approval [7][8]. Sponsor's Verification Opinion - The sponsor, CITIC Securities, confirms that the company's decision to use idle funds for cash management has been approved by the necessary governance bodies and complies with relevant regulations [8].

Core Viewpoint - China Petrochemical Corporation (Sinopec) has changed its investment strategy, focusing on established companies and sectors with lower risk, such as waste resource utilization and hydrogen energy, as evidenced by its recent investment in Zhejiang Fengdeng Green Energy Environmental Protection Co., Ltd. [1][6][8] Group 1: Investment Details - Sinopec Capital has invested 200 million RMB in Fengdeng Green Energy, becoming the second-largest shareholder with approximately 9.7% ownership. The funds will be used for the construction of "waste-free parks" in Zhejiang and Shandong [1]. - Fengdeng Green Energy, originally established in 1965, specializes in the efficient resource utilization of waste, successfully converting hazardous waste into high-purity hydrogen and lithium battery materials [1][2]. Group 2: Investment Strategy Shift - Sinopec's investment style has shifted significantly since mid-2024, moving away from early-stage projects to focus on established companies in the new materials sector, such as XCMG Group and Wanrun Co., Ltd. [3][4]. - The change in investment strategy is attributed to the cooling of the capital market and the high failure rate of early-stage projects, leading Sinopec to prefer industry leaders and "little giant" enterprises recognized by the state [6][7]. Group 3: Market Context - The capital market has seen a slowdown in IPOs since last year, with a notable recovery only around June 2024, which has extended the timeline for exit and monetization for investors [6]. - Sinopec's investments in mature companies allow for quicker returns, as demonstrated by the comparable net profits of Sinopec and leading companies like CATL, despite significant differences in revenue [7]. Group 4: Strategic Alignment - Sinopec's investments align with national strategies, particularly in emerging sectors like hydrogen energy and resource recycling, as seen with its establishment of a hydrogen fund and participation in the China Resource Recycling Group [8].